In collaboration with the Association of Banks in Jordan (ABJ), CRIF organized an event dedicated to the whole banking sector held on October 11 at the ABJ offices. Around 95 representatives coming from all Jordan banks and financial institutions as well as the Central Bank of Jordan were present. Delegates learned more about the CRIF national credit bureau project, with details about the different milestones, compliance requirements and impact on the credit sector as a whole.
CRIF experts explained the advantages of the full-fledged credit bureau, which will include positive and negative credit information on individuals and businesses, for both credit applicants and financial institutions.
Specifically, lenders will be able to more accurately segment their client portfolio through a risk-based pricing approach by accessing comprehensive, high-quality and updated credit reports on applicants. On the one hand, the availability of a full credit history will give Jordan citizens and businesses easier access to credit, as well as providing more favorable conditions to reliable applicants.
Overall, the centralization and sharing of credit information will reduce the existing asymmetry between borrowers and lenders, and help prevent over-indebtedness, insolvencies, and limited access to financial services.
